Umpqua profits rise by 89% during first quarter
Friday, April 20, 2012
Umpqua Holdings Corp., the parent company of Umpqua Bank, reported an 89 percent increase in profits for the first quarter of this year compared with last, the Register-Guard newspaper of Eugene, Ore., reported.
The profit for the most recent quarter was $25.5 million, or 23 cents a share. Contributing to the profits were record revenues from Umpqua’s home loan division of $13.1 million, on $403 million worth of closed loans, according to the company.
Portland-based Umpqua also continued to whittle down its problem loans while increasing the total amount of loans it has outstanding.